Termination Payment for Force Majeure Event Clause Samples
The 'termination payment for force majeure event' clause defines the financial obligations of the parties if a contract is terminated due to a force majeure event—an unforeseeable circumstance that prevents one or both parties from fulfilling their contractual duties. Typically, this clause outlines how payments are calculated, such as reimbursing costs incurred up to the date of termination or compensating for work already performed. Its core function is to allocate financial risk fairly between the parties in situations where contract performance becomes impossible due to events beyond their control, ensuring that neither party is unduly penalized or left uncompensated.
POPULAR SAMPLE Copied 1 times
Termination Payment for Force Majeure Event. 34.9.1 If Termination is on account of a Non-Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to 90% (ninety per cent) of the Debt Due less Insurance Cover.
34.9.2 If Termination is on account of an Indirect Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to:
(a) Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due;
(b) 110% (one hundred and ten per cent) of the Adjusted Equity; and
(c) an amount equivalent to the Additional Termination Payment less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in computation of the amount payable hereunder.
34.9.3 If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 37.3.2 as if it were a Authority Default.
Termination Payment for Force Majeure Event. 30.9.1 If Termination is on account of a Non-Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to 55% (fifty five per cent) of the Debt Due less Insurance Cover.
30.9.2 If Termination is on account of an Indirect Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to:
(a) 55% of the Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due;
(b) 60.5% (sixty point five per cent) of the Adjusted Equity; and
30.9.3 If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 33.3.2 as if it were Authority’s Default.
Termination Payment for Force Majeure Event. 21.8.1 In the event of this Agreement being terminated on account of a Non-Political Event, the Termination Payment shall be an amount equal to the sum payable under Clause 23.5. Provided that in the event Termination occurs during the Maintenance Period, the Authority’s Engineer shall only determine the value of Works associated with Maintenance.
21.8.2 If Termination is on account of an Indirect Political Event, the Termination Payment shall include:
(a) any sums due and payable under Clause 23.5; and
(b) the reasonable cost, as determined by the Authority’s Engineer, of the Plant and Materials procured by the Contractor and transferred to the Authority for use in Construction or Maintenance, only if such Plant and Materials are in conformity with the Specifications and Standards; Provided that in the event Termination occurs during the Maintenance Period, the Authority’s Engineer shall only determine the value of Works associated with Maintenance.
21.8.3 If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Contractor in an amount that would be payable under Clause 23.6.2 as if it were an Authority Default.
Termination Payment for Force Majeure Event. 26.9.1 Upon Termination of this Agreement pursuant to Article 26.8 above, prior to COD, the following Termination Payment shall be made to the Concessionaire:
(a) If Termination is on account of a Non-Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to 90% (Ninety per cent) of the Debt Due less Insurance Cover.
(b) If Termination is on account of an Indirect Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to:
(i) Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; and
(ii) 110% (one hundred and ten per cent) of the Adjusted Equity.
(c) If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount to:
(i) Debt Due; and
(ii) 150% (one hundred and fifty per cent) of the Adjusted Equity.
26.9.2 Upon Termination of this Agreement pursuant to Article 26.8 above, after COD, the following Termination Payment shall be made to the Concessionaire:
(a) If Termination is on account of a Non-Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to 90% (ninety per cent) of the Debt Due less Insurance Cover.
(b) If Termination is on account of an Indirect Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to:
(i) Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; and
(ii) 80% of the Discounted Value of Future Net Cash Flows to the Equity; the discounting factor applied being the then SBI PLR – (minus) 3%
(c) If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount to:
(i) Debt Due; and
(ii) 100% (one hundred percent) of the Discounted Value of Future Net Cash Flows to the Equity; the discounting factor applied being the then SBI PLR – (minus) 3%.
Termination Payment for Force Majeure Event. 14.6.1 The Authority shall pay Termination Compensations, if any, as a result of termination due to a Force Majeure Event in accordance with Article 17 of this Agreement.
Termination Payment for Force Majeure Event. 21.8.1 In the event of this Agreement being terminated on account of a Non-Political Event, the Termination Payment shall be an amount equal to the sum payable under Clause
Termination Payment for Force Majeure Event. Upon termination of this Agreement due to a Force Majeure Event, Termination Payment shall be made to the Concessionaire by the Authority in accordance with the following:
23.10.1 If Termination is on account of a Non-Political Event and Indirect Political Event, the Authority shall pay to the Concessionaire an amount equal to 90% (ninety percent) of the Debt Due, less Insurance Cover admitted and paid. Provided that the Debt Due shall in no case exceed 63% of the Total Project Cost.
23.10.2 If Termination is on account of a Political Event, the Authority shall pay to the Concessionaire:
a) 100% of Debt Due (Debt Due shall in no case exceed 70% of Total Project Cost);
b) Plus: 100% of Adjusted Equity;
c) Less: Insurance Cover, provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of the Debt Due.
23.10.3 The Termination Payments pursuant to this Article 23.10, shall become due and payable to the Concessionaire by the Concessioning Authority upon actual or constructive transfer of the Project Assets by the Concessionaire to the Authority free from all Encumbrances, charges and liens whatsoever, unless expressly directed by the Authority otherwise.
Termination Payment for Force Majeure Event. 19.8.1 In the event of this Agreement being terminated on account of a Non-Political Event, the Termination Payment shall be an amount equal to the sum payable under Clause 21.5.
19.8.2 If Termination is on account of an Indirect Political Event, the Termination Payment shall include:
(a) any sums due and payable under Clause 21.5; and
(b) the reasonable cost, as determined by the Authority Engineer, of the Plant and Materials procured by the Contractor and transferred to the Authority for use in Construction, only if such Plant and Materials are in conformity with the Specifications and Standards;
19.8.3 If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Contractor in an amount that would be payable under Clause 21.6.2 as if it were an Authority Default.
Termination Payment for Force Majeure Event.
25.9.1 If Termination is on account of a Non-Political Event, the Lead ULB shall make a Termination Payment to Concessionaire in an amount equal to 90% (ninety per cent) of the Debt Due less Insurance Cover for assets under Concessionaire ownership. The Concessionaire shall be entitled to withdraw the Operation Performance Security, if subsisting.
25.9.2 If Termination is on account of an Indirect Political Event, the Lead ULBs shall make a Termination Payment to Concessionaire in an amount equal to:
(a) Debt Due less Insurance Cover for assets under Concessionaire ownership; provided that if any Insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; and
(b) 110% (one hundred and ten per cent) of the Adjusted Equity The Concessionaire shall be entitled to withdraw the Operation Performance Security, if subsisting.
25.9.3 If Termination is on account of a Political Event, the Lead ULB shall make a Termination Payment to Concessionaire in an amount that would be payable as if it were a Lead ULB’s Default.
Termination Payment for Force Majeure Event. 22.9.1 If Termination is on account of a Non-Political Event or Indirect Political Event, the Developer shall not be entitled for any Termination Payment.
22.9.2 If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Developer in an amount that would be payable under Clause24.7.2 as if it were an Authority Default.